The Alleviation Of Poverty And The Complete Eradication Of Financial Constraints

1491 Words6 Pages
The alleviation of poverty and the complete eradication of financial constraints among most individuals are two important processes that strive towards the achievement of a better life. The inclusion of income security programs in the federal policies and programs of most governments is supposed to protect its citizens from impoverished situations once they grow older. This paper is a brief essay that discuses one income security program (Canada Pension Plan) that affects life in a day-to-day manner in specific focus to the country of Canada. The Canada Pension Plan is one of the income security programs set up by the government in order to assist its citizens to save for their future (Gros et al, 2013). As a college student living within the Canadian community, this program has numerous benefits to financial future. To begin with, the CPP allows individuals to make contributions early in life and then begin to receive monthly payments once individual touch the age of sixty. However, there are some factors that may influence the process of policy making for this income security program. One of the factors that affect CPP is the salary and remuneration one receives (Hemmeter, 2015). This is because the pension is deducted from the salary based on the earnings that one makes. According to Steve Hick, income security programs are mainly devised to save Canadians from unexpected economy circumstances that could arise and interrupt their lives (2013, p. 3). Historically, the
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